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Wipro, Mindtree, HDFC Bank: Stock strategy for companies announcing Q4 nos

For Wipro, Rising channel pattern resistance falls at Rs 310 levels. A Golden Crossover on Mindtree chart lead to Rs 1080

Avdhut Bagkar  |  Mumbai 

algo trading

Ltd (WIPRO): The 'Inverse Head and Shoulder' breakout led to a rally towards the recent high of Rs 291.70 levels as per the daily chart. The stock is witnessing positive momentum, as it is well placed above 50-days moving average (DMA) and 100 DMA located at Rs 271.45 and Rs 260.80 levels, respectively. The weekly chart suggests a formation of “Rising Channel Pattern” with downside support for medium-term around Rs 250 levels. The higher side resistance falls at Rs 310, the rally seems to eye this level. CLICK HERE FOR DETAILED CHART

Ltd (MINDTREE): A 'Golden Crossover' of 50 DMA with 200 DMA shows a positive trend with an optimistic sentiment. From a medium-term perspective, there is support at Rs 915 and a jump towards Rs 1,080 and 1,160 cannot be ruled out. Although, is entering in oversold territory in daily chart, (moving average convergence and divergence) is showing resilience to fall below zero line, a significant sign of bullishness. CLICK HERE FOR DETAILED CHART

Ltd (RBLBANK): The stock is well placed above its trendline support of Rs 640 as per the daily chart. One can look for buying opportunities till stock trades above this level. Support (closing basis) confirms the upward trend in concrete direction. The technical indicator (Relative Strength Index) has support of reading 54, which stock is holding quite strongly. However, volume scenario seems weak as they are below average. That said, as price scales towards a fresh high, a long addition may arise in coming sessions for a rally towards Rs 691 and Rs 721 levels. CLICK HERE FOR DETAILED CHART

Ltd (HDFCBANK): The immediate trend reveals a breakdown and a reversal towards pressure range of Rs 2,290 – 2,320 levels. Till the counter trades above Rs 2,220 levels, the medium-term bullish trend remains intact. A major breakout is expected only above Rs 2,350 levels. If that happens, the stock may then head towards Rs 2,430 and Rs 2,500 levels. CLICK HERE FOR DETAILED CHART

First Published: Tue, April 16 2019. 10:46 IST
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